Notes to Consolidated Financial Statements June 30, 2024 and 2023 Expenses by functional and natural classification for the year ended June 30, 2023, were as follows (in thousands): Academic and Research Student Services and Support General Administrative and Operations 2023 Total Salaries and wages $ 239,852 $ 49,207 $ 49,018 $ 338,077 Employee benefits 58,543 9,079 12,056 79,678 Supplies and services 72,380 33,193 24,876 130,449 Space and occupancy 50,780 11,925 11,785 74,490 Other 20,949 11,781 24,290 57,020 Allocations: Depreciation 28,146 12,126 5,965 46,237 Interest 6,185 10,213 7,476 23,874 Operations and maintenance 9,202 7,831 (17,033) - $ 486,037 $ 145,355 $ 118,433 $ 749,825 Advertising costs are charged to expenses as incurred and totaled approximately $10.3 and $7.8 million for each of the years ended June 30, 2024 and 2023, and are included in the respective functional categories above. 13. Broward County Agreements The following Broward County grant funds were received and expended during the year ended June 30, 2024 (in thousands): Broward County Agreement # Description Funds Received Funds Expended Human Services Department 21-CP-HCS-8228-RW-01-FY23 Ryan White Part A $ 1,779 $ 1,157 Human Services Department 21-CP-HCS-8228-RW-01-FY24 Ryan White Part A $ 493 $ 619 14. Alvin Sherman Library, Research, and Information Technology Center In December 2001, the university commenced operations of a library, research, and information technology center and parking garage (collectively the Center). The design, construction, and operation of the Center were provided for under the terms of an agreement entered into with Broward County (the County) in fiscal 2000 (the Agreement). The Agreement stipulated that NSU would be the sole owner and operator of the Center, while County residents would have full access to the Center and full use of its databases and information resources. Revenue from the County under the Agreement is recognized on a pro rata basis over the term of the Agreement (commencing in December 2001 with the opening of the Center). Funds of $13.7 million for the construction of the Center received from the County prior to fiscal year 2002 have been recorded as deferred revenue and are being amortized into income over the term of the Agreement. The County continues to provide funding for the Center. Based on the specified purpose of the funds received, these amounts are either recognized into income upon receipt or recorded as deferred revenue and subsequently amortized into income over the term of the Agreement. At June 30, 2024 and 2023, $10.4 million and $10.9 million were recorded as deferred revenue related to these funds, respectively, of which $0.5 million was classified as current at June 30, 2024 and 2023. During fiscal 2024 and 2023, $0.5 million and $0.8 million of revenue was recognized, respectively. Funds received from the County for certain operating expenses of the Center are recognized as revenue in the period earned and totaled approximately $5.0 million and $4.7 million during fiscal 2024 and 2023, respectively, and are included in other revenue on the Consolidated Statements of Activities. 38
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